•EUR/AUD declined on Friday as downbeat German industrial orders weighed on euro
•Data showed orders for industrial goods dropped by 1.9% in seasonally adjusted terms, compared with a forecast for a decline of 1.0%.
•At GMT 16:14, the pair was trading down 0.16 percent at 1.5711.
• Technical signals are bearish as RSI is heading down at 41, daily momentum studies 5, 9 and 11 DMAs are trending down.
•Immediate resistance is located at 1.5796 ( 38.2%fib), any close above will push the pair towards 1.5926 (50%fib)
•Support is seen at 1.5620 (23.6 %fib ) and break below could take the pair towards 1.5568 (Lower BB).
Recommendation: Good to sell on rally around 1.5750, with stop loss of 1.5800 and target price of 1.5600.
